The government has outlined how it plans to expand the use of social investment over the next five years, including the establishment of a centre of excellence, in a strategy document published today.
Social investment: a force for social change – 2016 strategy was published by the Cabinet Office this morning.
In the foreword to the report, Rob Wilson, minister for civil society, said: “Social investment represents a revolution in the way that public services are delivered and a huge opportunity for more people to use their savings and investments to change lives for the better.”
The report says that over the next five years the government will “use social investment to transform public services”, “grow the economy” and “strengthen the social investment market place.”
As part of this the government will partner with a UK university to establish a centre of research and technical excellence.
It aims that over the next 12 months “at least two-thirds of central government departments [will] develop new models using social investment.”
The report also said that the government will examine the “regulatory barriers” and look for ways to increase the effectiveness of Social Investment Tax Relief.
The government also wants to make it easier for institutional investors and trusts to get involved. It will commission research to understand the potential for mass participation in social investment.
It has published a separate paper for its international strategy, Social investment: the UK as a global hub 2016.
The government has committed to promoting the UK as the “most attractive social economy in the world” and plans to increase international social investment in the UK and increase the export of the UK social investment businesses.